Good morning,
Corn and soybeans are unchanged to start the day.
The corn and bean futures have returned to their breakout points, so the next couple of days will be critical to direction moving forward. An unimpeded harvest will likely add hedge pressure for the nest few weeks.
The markets have been supported by the current dryness in South America and Chinese stimulus talks. It looks like the markets may need to find new bullish news as dryness appears to be exiting as moisture is on the way for Brazil. The Chinese stimulus has been a disappointment since they returned from holiday earlier this week which has resulted in the soybean market selloff. There has been a lot of talk and investment around the recent Chinese stimulus that occurred in the past couple of weeks. After coming back from their golden week, more stimulus was thought that could be announced, along with clarification for the exact terms of their currently promised stimulus.
Have a Safe Day!
Garry Gard
920-348-6844